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Sheridan Marina has 200 available slips that rent for $800 per season. Payments must be made in full by the start of the boating season, April 1, 2024. The boating season ends October 31, and the marina has a December 31 year end. Slips for future seasons may be reserved if paid for by December 31, 2024. Under a new policy, if payment for 2025 season slips is made by December 31, 2024, a 4% discount is granted. If payment for 2026 season slips is made by December 31, 2024, renters get a 17% discount. (Sheridan hopes this promotion will provide cash flow for major dock repairs.) On December 31, 2023, all 200 slips for the 2024 season were rented at full price. On December 31, 2024, 150 slips were reserved and paid for the 2025 boating season, and 70 slips were reserved and paid for the 2026 boating season. (a) Prepare the appropriate journal entries for December 31, 2023, and December 31, 2024. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date December 31, 2023 V December 31, 2024 December 31, 2024 Account Titles and Explanation Cash Unearned Rent Revenue Unearned Rent Revenue Rent Revenue (To record unearned revenue related to 2025 season) (To record unearned revenue related to 2026 season) Debit 160000 160000 ]][ Credit E

Sheridan Marina has 200 available slips that rent for $800 per season. Payments must be made in full by the start of the boating season, April 1, 2024. The boating season ends October 31, and the marina has a December 31 year end. Slips for future seasons may be reserved if paid for by December 31, 2024. Under a new policy, if payment for 2025 season slips is made by December 31, 2024, a 4% discount is granted. If payment for 2026 season slips is made by December 31, 2024, renters get a 17% discount. (Sheridan hopes this promotion will provide cash flow for major dock repairs.) On December 31, 2023, all 200 slips for the 2024 season were rented at full price. On December 31, 2024, 150 slips were reserved and paid for the 2025 boating season, and 70 slips were reserved and paid for the 2026 boating season. (a) Prepare the appropriate journal entries for December 31, 2023, and December 31, 2024. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date December 31, 2023 V December 31, 2024 December 31, 2024 Account Titles and Explanation Cash Unearned Rent Revenue Unearned Rent Revenue Rent Revenue (To record unearned revenue related to 2025 season) (To record unearned revenue related to 2026 season) Debit 160000 160000 ]][ Credit E

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter17: Advanced Issues In Revenue Recognition
Section: Chapter Questions
Problem 10E: WaterWorld Inc. operates an aquarium and water park in Orlando, Florida. In addition to daily...
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Sheridan Marina has 200 available slips that rent for $800 per season. Payments must be made in full by the start of the boating season, April 1, 2024. The boating season ends October 31, and the marina has a December 31 year end. Slips for future seasons may be reserved if paid for by December 31, 2024. Under a new policy, if payment for 2025 season slips is made by December 31, 2024, a 4% discount is granted. If payment for 2026 season slips is made by December 31, 2024, renters get a 17% discount. (Sheridan hopes this promotion will provide cash flow for major dock repairs.) On December 31, 2023, all 200 slips for the 2024 season were rented at full price. On December 31, 2024, 150 slips were reserved and paid for the 2025 boating season, and 70 slips were reserved and paid for the 2026 boating season. (a) Prepare the appropriate journal entries for December 31, 2023, and December 31, 2024. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date December 31, 2023 V December 31, 2024 December 31, 2024 Account Titles and Explanation Cash Unearned Rent Revenue Unearned Rent Revenue Rent Revenue (To record unearned revenue related to 2025 season) (To record unearned revenue related to 2026 season) Debit 160000 160000 Credit
Transcribed Image Text:Sheridan Marina has 200 available slips that rent for $800 per season. Payments must be made in full by the start of the boating season, April 1, 2024. The boating season ends October 31, and the marina has a December 31 year end. Slips for future seasons may be reserved if paid for by December 31, 2024. Under a new policy, if payment for 2025 season slips is made by December 31, 2024, a 4% discount is granted. If payment for 2026 season slips is made by December 31, 2024, renters get a 17% discount. (Sheridan hopes this promotion will provide cash flow for major dock repairs.) On December 31, 2023, all 200 slips for the 2024 season were rented at full price. On December 31, 2024, 150 slips were reserved and paid for the 2025 boating season, and 70 slips were reserved and paid for the 2026 boating season. (a) Prepare the appropriate journal entries for December 31, 2023, and December 31, 2024. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date December 31, 2023 V December 31, 2024 December 31, 2024 Account Titles and Explanation Cash Unearned Rent Revenue Unearned Rent Revenue Rent Revenue (To record unearned revenue related to 2025 season) (To record unearned revenue related to 2026 season) Debit 160000 160000 Credit
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